Revenue / 10.25.23
Even With Economic Worries, Vivid Seats CEO Says Customers Still Pay to See Sports and Hair Bands
Associated Press (10/16/23) Choe, Stan
Vivid Seats CEO Stan Chia expects the live events market to remain strong even amid high interest rates and shaky consumer sentiments about the economy. He thinks the surge of pent-up demand for outside entertainment following the pandemic has dissipated, with trends normalizing. "I think what we can certainly see in our category is live events continues to be one that consumers are prioritizing in their discretionary income," Chia says, adding that Generation Z consumers "have prioritized experiences over goods and services." He also observes a very consistent level of fan enthusiasm "whether you're talking about sports fans, concert fans, theater fans, comedy fans, down to the team level." Chia does not believe the phenomenal success of tours by artists like Beyonce and Taylor Swift this year portend a reversion to the mean next year. He also says Vivid Seats is "very supportive of a competitive playing field," and to that end supports legislative pushes for ticket fee transparency. "We understand that consumers are looking for value in what they purchase, and I think when you look at what we do — where customers who buy 10 tickets get one (more through a reward credit) — we put our money where the mouth is," Chia comments.
Read the full story from Associated Press.
Tags: Revenue , Economy